We Asked ChatGPT if Ripple (XRP) Can Become a Top 3 Cryptocurrency This Year
TL;DR
- Ripple’s XRP has surged above $0.60, with a market cap of over $34 billion, making it the sixth-largest cryptocurrency.
- Future growth depends on several elements, one of which is the eventual outcome of the lawsuit against the US SEC.
The Necessary Conditions
Ripple’s XRP has been among the top-performing cryptocurrencies lately, with its price jumping above the $0.60 mark for the first time in more than three months. Its market capitalization exceeded $34 billion, thus positioning the asset as the sixth-biggest in the entire realm.
We decided to ask ChatGPT whether the progress can continue in the following months and whether XRP has any chance of reaching crypto’s top 3 club.
The AI-powered chatbot estimated that such a scenario relies on five essential factors. The first (and probably most important) is a resolution of the lawsuit between Ripple and the US Securities and Exchange Commission (SEC).
The entities have been confronting for over three and a half years, with the company securing three partial court wins throughout 2023. XRP’s price reacted positively to each triumph, meaning a potential decisive Ripple win could act as a catalyst for another rally.
The second element depicted by ChatGPT includes market adoption and inking strategic partnerships that could enhance the asset’s utility and demand. Over the past few years, Ripple has shaken hands with numerous leading financial institutions, including one of the biggest banks in Egypt – Commercial International Bank (CIB), Thailand’s oldest bank – Siam Commercial Bank (SCB), and Morocco’s Attijariwafa Bank.
Favorable market conditions, technological developments, and regulatory clarity are other vital factors that could boost XRP’s ranking in the crypto sector.
“While these factors can contribute to XRP’s rise, predicting its exact position in the cryptocurrency rankings remains speculative and dependent on various market dynamics,” ChatGPT warned.
Currently, the top 3 spots belong to Bitcoin (BTC), Ethereum (ETH), and Tether (USDT). The stablecoin has a market capitalization of over $110 billion, meaning XRP has a long way before flipping it.
Ripple v SEC: The Latest Developments
The lawsuit dates back to December 2020 when the regulator sued the company and some of its executives, accusing them of conducting an unregistered securities offering via XRP sales. It entered its trial phase in April, with some experts suggesting a resolution could occur in the near future.
The American lawyer Fred Rispoli envisioned an agreement as early as this month, while Jeremy Hogan believes the case could be wrapped up before the end of summer. It is worth noting, though, that the case may be prolonged indefinitely due to possible appeals from both sides.
One major issue potentially preventing the outcome is the size of Ripple’s penalty. The SEC initially sought a whopping $2 billion fine, while the firm insisted the sum should not exceed $10 million. The regulator later softened its tone, lowering the demand to $102.6 million.
Those curious to learn more about the specifics of the legal battle and its impact on XRP’s price, please check our dedicated video below:
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